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Q 1/18
Score 0
when total costs are greater than total revenue, or when average revenue is lower than average cost the firm makes an economic loss
30
economic loss
Q 2/18
Score 0
profit that is made in addition to normal profit, when average revenue is greater than average cost the firm makes an economic profit
30
economic profit
18 questions
Q.
when total costs are greater than total revenue, or when average revenue is lower than average cost the firm makes an economic loss
1
30 sec
Q.
profit that is made in addition to normal profit, when average revenue is greater than average cost the firm makes an economic profit
2
30 sec
Q.
actual expenditure of business, e.g. wages and interest
3
30 sec
Q.
value of inputs owned by entrepreneur and used in the production process (forfeited rental, interest and salary)
4
30 sec
Q.
the period of production where all factors of production (and costs) can change - the time is long enough for variable and fixed factors to change
5
30 sec
Q.
an institution or mechanism that brings together buyers and sellers of goods or services
6
30 sec
Q.
how a market is organised
7
30 sec
Q.
a market structure in which businesses have many competitors, but each one sells a slightly different product (e.g. CD's and books)
8
30 sec
Q.
exclusive control of a commodity or service in a particular market
9
30 sec
Q.
the minimum earnings required to prevent an entrepreneur from leaving the industry - when average revenue equals average cost the firm makes a normal profit
10
30 sec
Q.
a market structure controlled by a small group of businesses
11
30 sec
Q.
a market structure with large numbers of producers and buyers
12
30 sec
Q.
an individual firm that has no influence on price - it takes (accepts) price that is determined by the market
13
30 sec
Q.
the period of production where only the variable factors of production can change while at least one factor is fixed
14
30 sec
Q.
businesses will close where MC = AVC (at the price equal to the minimum of the AVC curve)
15
30 sec
Q.
an institution whose main functions is to review orders made by the Competition Tribunal and amend or confirm these orders
16
30 sec
Q.
an institution that investigates restrictive business practices, abuse of dominant positions and mergers in order to achieve equity in the South African economy
17
30 sec
Q.
an institution whose main function is to approve large mergers, adjudicate in the case of misconduct and issue orders on matters presented to it by the Competition Commission
